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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39043
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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Boyfriend wants to file BK. The only item we have together

Resolved Question:

Boyfriend wants to file BK. The only item we have together is the house, no other joint accounts. He did not contribute any funds towards the purchase and has signed a agreement to that effect. If he completes the Quit Claim for the house (he is aware of the tax consequences), will his filing affect the house?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 8 years ago.

The bankruptcy trustee can avoid your boyfriend's quitclaim and seize his interest in the home. However, if the home has less than $125,000 net equity, then it is exempt from sale during bankruptcy. So there is no reason to transfer his ownership to you, because the house is not at risk.


Your boyfriend should discuss any proposed transfer of assets with his bankruptcy attorney, because generally, most transfers made without receiving "reasonably equivalent value" in exchange, will be deemed fraudulent by the bankruptcy court.



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Customer: replied 8 years ago.
Well the house has lots less than $125,000 in net equity so that makes me feel a little better. So, in your opinion, are those credit "help" places a better choice than filing BK? And which BK is the "better" choice for him, 7 or 13? Not sure how they work. He has 3 cc's with a total due of about $28,000. No other assets other than the house; no car loans or student loans, or stuff like that!